CIS: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in CIS

The CIS refined soybean oil market fell notably to $X in 2022, shrinking by X% against the previous year. In general, consumption continues to indicate a deep setback. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in CIS

In value terms, refined soybean oil production dropped to $X in 2022 estimated in export price. Over the period under review, production recorded a pronounced reduction. The growth pace was the most rapid in 2015 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Refined Soybean Oil Exports

Exports in CIS

In 2022, exports of refined soybean oil and its fractions in the CIS reduced to X tons, which is down by X% compared with the previous year's figure. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by X%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, refined soybean oil exports expanded significantly to $X in 2022. In general, exports, however, recorded a tangible increase. The most prominent rate of growth was recorded in 2013 with an increase of X%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia dominates exports structure, recording X tons, which was near X% of total exports in 2022. It was distantly followed by Belarus (X tons), generating a X% share of total exports. Kazakhstan (X tons) followed a long way behind the leaders.

Russia experienced a relatively flat trend pattern with regard to volume of exports of refined soybean oil and its fractions. At the same time, Belarus (X%) and Kazakhstan (X%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in the CIS, with a CAGR of X% from 2012-2022. While the share of Belarus (X p.p.) and Kazakhstan (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Russia (X p.p.) displayed negative dynamics.

In value terms, Russia ($X) remains the largest refined soybean oil supplier in the CIS, comprising X% of total exports. The second position in the ranking was held by Belarus ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Russia totaled X%. In the other countries, the average annual rates were as follows: Belarus (X% per year) and Kazakhstan (X% per year).

Export Prices by Country

The export price in the CIS stood at $X per ton in 2022, rising by X% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil export price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, the export prices hit record highs in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belarus ($X per ton), while Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (X%), while the other leaders experienced a decline in the export price figures.

Refined Soybean Oil Imports

Imports in CIS

After two years of growth, supplies from abroad of refined soybean oil and its fractions decreased by X% to X tons in 2022. In general, imports faced a deep setback. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2021, and then contracted dramatically in the following year.

In value terms, refined soybean oil imports dropped rapidly to $X in 2022. Over the period under review, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2020 when imports increased by X%. The level of import peaked at $X in 2021, and then declined dramatically in the following year.

Imports by Country

Tajikistan (X tons) and Kazakhstan (X tons) represented roughly X% of total imports in 2022. Russia (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Belarus (X%) and Armenia (X%). The following importers - Azerbaijan (X tons) and Moldova (X tons) - each amounted to a X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Armenia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil importing markets in the CIS were Russia ($X), Tajikistan ($X) and Kazakhstan ($X), together accounting for X% of total imports. Armenia, Belarus, Azerbaijan and Moldova lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Armenia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the CIS stood at $X per ton in 2022, reducing by X% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Russia ($X per ton), while Moldova ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Azerbaijan (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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